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Video game maker EA bought by Saudi-led group for $55bn
Electronic Arts, the maker of The Sims, Madden NFL and Battlefield, has been bought by a Saudi-led investor group for $55bn (£41bn), one of the largest buyouts on record. The deal, completed on Tuesday evening after the EU granted final regulatory approval, takes EA private and ends its 36-year run as a publicly listed company.…
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Trump warns Iran will be hit ‘really hard’ if nuclear negotiations collapse again
President Donald Trump has reiterated his warning that Iran will face severe military consequences if it withdraws again from nuclear negotiations with the United States. Speaking to Fox News, Trump said Washington had no choice but to act forcefully given his stated position that Iran must not be permitted to acquire a nuclear weapon, framing…
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Bank battle: history suggests Burnham faces fight if he opts for windfall tax
UK banks are facing renewed pressure over a potential windfall tax after HSBC, NatWest, Barclays and Lloyds posted bumper half-year profits, boosted by high interest rates and market turbulence linked to the US war on Iran. Campaigners and unions argue the lenders can easily afford higher taxes, urging new prime minister Andy Burnham to use…
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Andy Burnham warned plan for votes at 16 could ‘backfire in spectacular fashion’ as report suggests it would see surge in Gaza independent candidates winning seats from Labour
Manchester mayor Andy Burnham has warned that Labour’s plan to extend voting rights to 16- and 17-year-olds could “backfire in spectacular fashion”, after a report suggested the change could see independent candidates focused on Gaza take seats from Labour. The intervention highlights growing unease within Labour ranks over how younger voters, seen as more sympathetic…
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Irish leader’s jet ‘can’t land in fog after he had its navigation system removed… because it was made in Israel’
Reports indicate that the Irish premier’s government jet has lost the ability to land safely in foggy conditions after its navigation system was removed, reportedly because the equipment was manufactured in Israel. The move appears to reflect a wider political stance against using Israeli-made technology, but it has left the aircraft with a significant operational…
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Sovereign wealth fund consortium completes $55bn buyout of Electronic Arts
Electronic Arts has completed its acquisition by a consortium led by Saudi Arabia’s Public Investment Fund, alongside Silver Lake and Affinity Partners, in what stands as the largest leveraged buyout in history. The $55 billion deal takes EA from public to private ownership after decades on the stock market, marking a landmark moment for the…
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Saudi-led group completes $55bn purchase of gaming giant EA
The $55bn sale of gaming giant Electronic Arts (EA) to a Saudi-led investor group, including the kingdom’s Public Investment Fund (PIF) and Jared Kushner’s Affinity Partners, has been completed, taking the company private. Believed to be the largest leveraged buyout in history, the deal has raised concerns among analysts about potential job cuts and more…
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More than half of some US weapons stockpiles used in Iran war, raising concerns about China threat
The United States has reportedly used more than half of its stockpiles of certain weapons systems during its recent conflict with Iran, prompting concern among defence analysts about the country’s preparedness for a potential future confrontation with China. The depletion has led the Pentagon to request billions of dollars in additional funding to replenish munitions,…
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‘We’re Entering This Next Chapter from a Position of Strength’: EA Completes $55 Billion Buyout
Publisher officially goes private. EA’s said it’s entering its “next chapter from a position of strength” as it completes its controversial $55 billion leveraged buyout. The deal, first announced last year, sees the company go private, led by a consortium of the Saudi Arabian Public Investment Fund, Silver Lake, and Affinity Partners. Read the full…
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Lucid’s turnaround plan hinges on $1.4B in cash savings, robotaxis
Lucid Motors has unveiled an “operational reset” aimed at cutting $1.4 billion in cash spending, as new chief executive Silvio Napoli attempts to halt the EV maker’s mounting losses and swelling inventory. The plan, outlined during Tuesday’s second-quarter earnings call, combines aggressive cost-cutting with three “must-win” growth bets: a robotaxi partnership with Uber and Nuro,…